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ACCOUNTING POLICIES (Tables)
 3 Months Ended
Nov. 30, 2015
Accounting Policies [Abstract]  
Schedule of Changes in Accounting Method
As a result of the retrospective application of the change in accounting principle from LIFO to weighted average cost or specific identification, certain financial statement line items in the Company’s condensed consolidated balance sheet as of August 31, 2015 and its condensed consolidated statement of earnings and condensed consolidated statement of cash flows for the three months ended November 30, 2014 were adjusted as presented below.
(in thousands, except share data)
 
As Originally Reported
Effect of Change
As Adjusted
Condensed Consolidated Statement of Earnings for the three months ended November 30, 2014:
Cost of goods sold
 
$
1,493,769

$
6,298

$
1,500,067

Income taxes
 
15,447

(2,229
)
13,218

Earnings from continuing operations
38,334

(4,069
)
34,265

Net earnings attributable to CMC
36,253

(4,069
)
32,184

 
 
 
 
 
Basic earnings per share attributable to CMC:
 
 
 
Earnings from continuing operations
$
0.33

$
(0.04
)
$
0.29

Net earnings
 
0.31

(0.04
)
0.27

 
 
 
 
 
Diluted earnings per share attributable to CMC:
 
 
 
Earnings from continuing operations
$
0.32

$
(0.03
)
$
0.29

Net earnings
 
0.30

(0.03
)
0.27

 
 
 
 
 
Condensed Consolidated Balance Sheet as of August 31, 2015:
Inventories, net
 
$
781,371

$
99,113

$
880,484

Current deferred tax assets
29,137

(25,827
)
3,310

Accrued expenses and other payables
279,415

11,262

290,677

Retained earnings
1,311,544

62,024

1,373,568

 
 
 
 
 
Condensed Consolidated Statement of Cash Flows for the three months ended November 30, 2014:
Net earnings
$
36,253

$
(4,069
)
$
32,184

Deferred income taxes
(835
)
(2,073
)
(2,908
)
Inventories working capital change
(102,954
)
6,298

(96,656
)
Accounts payable, accrued expenses and other payables working capital change
(61,292
)
(156
)
(61,448
)
The effect of the change in accounting principle is net of the effect of lower of cost or market adjustments.
 
The following table shows the effect of the change in accounting principle from LIFO to weighted average cost or specific identification on earnings from continuing operations, net earnings attributable to CMC and the related basic and diluted earnings per share attributable to CMC for the three months ended November 30, 2015:
(in thousands, except share data)
 
As Computed Under LIFO
As Reported Under New Inventory Costing Methodologies
Effect of Change
Earnings from continuing operations
 
$
38,096

$
25,633

$
(12,463
)
Net earnings attributable to CMC
 
37,526

25,063

(12,463
)
 
 
 
 
 
Basic earnings per share attributable to CMC:
 
 
 
 
Earnings from continuing operations
 
$
0.32

$
0.22

$
(0.10
)
Net earnings
 
0.32

0.22

(0.10
)
 
 
 
 
 
Diluted earnings per share attributable to CMC:
 
 
 
 
Earnings from continuing operations
 
$
0.32

$
0.22

$
(0.10
)
Net earnings
 
0.32

0.21

(0.11
)